money laundering

14 Sep: A new EU Anti- Money Laundering and Countering Financing of Terrorism Authority

Editor’s Blog: Produced in collaboration with the EU Buzz team 

Anti-Money Laundering and Countering Financing of Terrorism, often seen as AML/CFT, is a modern day phenomenon that the European Union has had to quickly adapt to and address. Money laundering and terrorism financing pose a serious threat to the integrity of the EU economy, financial system and security of its citizens. Currently there are delays in implementation of the EU directive to enforce new rules, as well as a divergence in national rules which results in fragmented approaches across the EU. There is also no central coordination body at EU …

29 Jun: Special Report 13/2021: EU efforts to fight money laundering in the banking sector are fragmented and implementation is insufficient

(Source: EUROPEAN COURT OF AUDITORS)

Money laundering is the practice of “legitimising” the proceeds of crime by filtering them into the regular economy to disguise their illegal origin. Given the importance of EU anti-money laundering policy and the role of the banking sector, we assessed whether the EU’s actions in this area are well implemented.

We found institutional fragmentation and poor co-ordination at EU level when it came to actions to prevent money laundering and take action where risk was identified. EU bodies have limited tools to ensure sufficient application of AML/CFT frameworks at national level. There is no single …